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MTI Global Inc. TSX: MTI |
Embraer Selects MTI Global to Supply Insulation Materials to Its Two New Executive Jet Programs
MISSISSAUGA, ONTARIO--(Marketwire - Aug. 25, 2008) - MTI Global Inc. (TSX:MTI) announced today, that its aerospace division MTI-PolyFab Inc. has been selected by Embraer to supply thermal and acoustic insulation materials to the LEGACY 450 and LEGACY 500 aircraft.
MTI-PolyFab has been supporting Embraer with the Legacy 450 and Legacy 500 preliminary concepts through the use of specialized modeling techniques. MTI's internal engineering capabilities and design process facilitate the design of the most technologically advanced system possible. MTI PolyFab estimates the value of these contracts to exceed 20 million dollars over the life of the program.
"MTI-PolyFab continues to strengthen and diversify its market position in the growing business jet market," said Bill Neill, President and Chief Executive Officer. "We have established a strong long-term working relationship with Embraer over the past eight years and look to continued collaboration for many years to come."
"We have selected industry leaders to supply the Legacy 450 and Legacy 500 programs," said Mauricio Almeida, Embraer Vice President Legacy 450/500 Programs - Executive Jets. "By engaging best-in-class suppliers like MTI Global, Embraer will be able to produce jets that deliver premium comfort, outstanding performance, and low operating costs."
Embraer reported that it is steadily moving forward with the development of its recently launched mid-light Legacy 450 and mid-size Legacy 500 executive jets, with the conclusion of the preliminary aircraft design. The joint definition phase (JDP) formally began in July, and more than 20 suppliers of key systems have been selected. Embraer has recorded over 100 Letters of Intent to date. Both aircraft are scheduled to enter into service by late 2013, with the Legacy 500 entering into service by mid 2012.
About MTI Global Inc.
MTI Global Inc. (TSX:MTI) designs, develops and manufactures custom-engineered products using silicone and other cellular materials. The Company serves a variety of specialty markets focused on three main product categories: Silicone, Aerospace and Fabricated Products. MTI's manufacturing divisions develop and produce silicone foam using patented technology. The Company designs and fabricates energy management systems from a variety of flexible, cellular materials. MTI also produces and distributes specialty silicone elastomer products. MTI's primary markets are aerospace and mass transit. Secondary markets include sporting goods, automotive, industrial, institutional, electronics, and the medical market through a 51% interest in MTI Sterne SARL of Cavaillon, France.
MTI's head office and Canadian manufacturing operations are located in Mississauga, Ontario, with international manufacturing operations located in Richmond and Buchanan, Virginia; Pensacola, Florida; Bremen, Germany; and a contract manufacturer venture in Ensenada, Mexico. The Company also has sales operations in England and Sweden, and an engineering support centre in Brazil. The Company's website is www.mtiglobalinc.com.
The foregoing press release contains forward-looking statements and is subject to important risks and uncertainties. Although MTI Global believes that the expectations reflected in any forward-looking statements are reasonable, the results or events predicted in these statements may differ materially from actual results or events. Forward looking statements are based on estimates and assumptions derived from past experience, historical trends, current conditions and expected future developments. Many factors could cause results or events to differ from current expectations, including the impact of price and product competition, general industry and market conditions and growth rates and reliance on key customers. For additional information with respect to these and other factors, see the reports filed by MTI Global Inc. with the applicable securities regulatory authorities at www.sedar.com. MTI Global Inc. disclaims any intention or obligation to update or revise any forward-looking statements.
For more information, please contact
MTI Global Inc.Bill Neill
President and Chief Executive Officer
(905) 564-9700
Website: www.mtiglobalinc.com
or
Fleishman-Hillard Canada
Anne Lachance
Investor Relations
(416) 214-0701
